UK Warranty has announced plans to extend its network of underwriting partners following a deal with current shareholder Pacifica to take 100% ownership of the electrical warranty provider.
Pacifica Group founded UK Warranty in 2011 as a joint venture with Leeds based insurer UK General, and the company says it is now the UK’s largest repairer of white goods, employing over 250 people across five sites nationwide. The firm has recently acquired the remaining 50% equity from shareholder UK General to become the company’s sole proprietor.
UK Warranty managing director Neil Martin said: “Although UK General will remain one of our key underwriting partners, our continued success over the past four years has given us the credibility to attract direct insurer relationships. This allows us to truly tailor warranty solutions for our clients and their customers.”
Despite recent research suggesting that premiums are set to grow until 2018, Neil says that UK Warranty is committed to developing solutions that work for retailers, manufacturers and their customers. Their recent deal with the Coop helped them provide non-profit warranties to customers, and their Pay As You Go warranty launched through online retail giant Appliances Direct is proving ‘a huge success’.
Neil (pictured) added: “Customers are placing increasing importance on the peace of mind that warranties offer and with technological development happening at a rate like never before, this is an extremely exciting market for us to be operating in.”
The company is currently in discussions with two additional insurer partners, and having grown significantly over the past four years believes widening its insurer network will give it the flexibility to provide a refreshing alternative for electrical retailers and manufacturers, UK Warranty says.